23 Hrs
Source:
اليوم السابع
Financial advantages of social insurance
The article discusses the advantages of social insurance and pensions in accordance with Article (7) of the Social Insurance Law. It focuses on the funding system for various benefits such as retirement, disability, death, work injuries, illness, and unemployment. It explains that retirement and disability benefits are funded through a partial financing system with a positive reserve maintained for at least 50 years. In contrast, work injury benefits rely on two systems: an annual budget for short-term benefits, and full funding for long-term benefits, with sufficient reserves established to cover expected expenses. Additionally, benefits for illness and unemployment require an annual budget system with an emergency reserve equivalent to 12 months of projected illness expenses and 24 months of projected unemployment expenses. In cases of funding shortages or cash flow deficits, the general treasury intervenes to provide financing, with appropriate contribution rates set to ensure the sustainability of the benefits.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)